Companies are Unprepared to Defend Against Cyber Threats, According to Protiviti's 2013 IT Security and Privacy Survey

Companies are Unprepared to Defend Against Cyber Threats, According to
Protiviti's 2013 IT Security and Privacy Survey
CIOs are assuming more strategic roles based on evolving risks and
opportunities
MENLO PARK, Calif., June 11, 2013 /CNW/ - Despite broad recognition that cyber
threats are more prevalent than ever before, a large number of companies are
not adequately prepared to respond to a data breach or IT security crisis,
according to findings from the 2013 IT Security and Privacy Survey
www.protiviti.com/ITsecuritysurvey by global consulting firm Protiviti
(www.protiviti.com).
(Photo: http://photos.prnewswire.com/prnh/20130611/SF29842-INFO) (Logo:
http://photos.prnewswire.com/prnh/20090115/AQTH541LOGO)
More than two-thirds (68 percent) of respondents in Protiviti's survey said
they have elevated their focus on information security in response to recent
press coverage of so-called "cyber warfare." However, the number of companies
that appear inadequately prepared for a crisis is surprisingly high. When
asked if their organizations have a formal and documented crisis response plan
for use following a data breach or hacking incident, more than one-third
reported that either their organizations did not (21 percent) or they did not
know (13 percent).
"Cyber security must continue to be a major focus for businesses, especially
in light of recent high-profile security breaches," said Cal Slemp, managing
director with Protiviti and global leader of the firm's IT security and
privacy practice. "While we're seeing a greater number of companies across a
wider range of industries devote more attention and resources to improving
their approach to data security, there are still a lot of businesses that are
susceptible to attacks."
Data Policy and Retention/Storage Issues
According to the survey results, many companies lack key data policies and are
ineffective at managing data through proper retention and storage practices,
including the classification of sensitive data. Approximately 22 percent of
companies do not have a written information security policy (WISP) and 32
percent lack a data encryption policy. Not having these policies in place is
an important consideration when a breach involves information covered by data
privacy laws and can expose an organization to significant legal liability.
Companies also lack clarity on what constitutes data as sensitive,
confidential or public, with only 63 percent of respondents reporting that
their organizations have a system for properly classifying data. "The findings
suggest many companies are either ineffective in securing the most important
data or attempting to secure all data instead of focusing resources on data
that presents the greatest risk, if exposed through a breach," said Slemp.
However, he added that in a positive development, there was year-over-year
growth in the percentage of companies putting into place detailed schemes and
policies to classify their data, which is key to understanding and securing an
organization's most sensitive information.
CIOs Take a More Strategic Role
Another positive development is that, as data security continues to play a
larger role in business operations and the use of so-called big data becomes
more integrated with strategic business objectives, CIOs are seeing their
responsibilities increase. The survey showed that more CIOs are taking
responsibility for data governance strategy, oversight and execution within
their organizations. Additionally, companies with documented crisis plans
enacted in response to a data breach or hacking incident have now begun to
involve their CIOs far more than ever before. In 2012, only 58 percent
reported that their CIO was involved in addressing such an incident compared
to 72 percent in 2013 (up 14 percent).
"The role of the Chief Information Officer is becoming more prominent in
organizations, in part, because of the importance of data, both in terms of
advancing the business as well as managing risk," said Slemp. The reality is
that as data continues to evolve as a critically important asset, it must be
managed differently, and more effectively than other assets."
Survey and Benchmarking Tool
The second edition of Protiviti's IT Security and Privacy Survey gathered
insights from 194 information technology executives and professionals at
companies with gross annual revenues ranging from less than $100 million to
greater than $20 billion. The survey was conducted in the first and second
quarters of 2013. Respondents included CIOs, CSOs, IT directors, managers and
IT auditors. The survey is available at: www.protiviti.com/ITsecuritysurvey.
IT professionals can also compare their organization's policies and practices
to the survey findings online using Protiviti's IT Security Benchmarking Tool
(www.protiviti.com/ITsecuritysurvey). Users can submit responses to questions
from the survey about data classification and management, data governance,
strategy and policy, and third-party vendor and access management, and then
download their results in a personalized report showing how they compare to
the companies in Protiviti's survey.
Webinar and Podcast Explore Survey Results
A complimentary webinar discussing the survey results will be held Tuesday,
June 18, 2013, from 10:00 – 11:00 a.m. PDT. Protiviti's Cal Slemp will be
joined by fellow Protiviti Managing Director Jeff Sanchez and guest speaker
Charly Paelinck, senior vice president and Chief Technology Officer, Caesars
Entertainment. To register for the webinar, visit
http://www.protiviti.com/webinars. Additionally, a podcast featuring Slemp
discussing key trends from the survey results is available at
www.protiviti.com/podcasts.
About Protiviti Inc.
Protiviti (www.protiviti.com) is a global consulting firm that helps companies
solve problems in finance, technology, operations, governance, risk and
internal audit. Through its network of more than 70 offices in over 20
countries, Protiviti has served more than 35 percent of FORTUNE 1000(®) and
FORTUNE Global 500(®) companies. The firm also works with smaller, growing
companies, including those looking to go public, as well as with government
agencies.
Protiviti is a wholly owned subsidiary of Robert Half International (NYSE:
RHI). Founded in 1948, Robert Half International is a member of the S&P 500
index.
Protiviti is not licensed or registered as a public accounting firm and does
not issue opinions on financial statements or offer attestation services.
Editor's note: An infographic of key survey findings is available in JPEG and
PDF upon request.
Kathy Keller, +1-650-234-6252, kathy.keller@protiviti.com
http://www.protiviti.com
http://photos.prnewswire.com/prnh/20130611/SF29842-INFO
http://photos.prnewswire.com/prnh/20090115/AQTH541LOGO
PRN Photo Desk, photodesk@prnewswire.com
SOURCE: Protiviti
To view this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2013/11/c7113.html
CO: Protiviti
ST: California
NI: NET INTERNET INTERNET FIN CPR ELE HEA ECOSURV
-0- Jun/11/2013 14:01 GMT